The highestprofile targets in the latest crackdown on Insider Trading. The s. E. C. s investigation found that the Hedge Fund Manager oversaw trading by his employees Matthew Martoma and Michael Steinberg and received updates on their trading strategies and the reasoning behind them but on at least two occasions in 2008 the s. E. C. Says that the employees provided cohen information indicating that their potential access to inside information. Cohens failure to act in that situation and ascertain whether or not Insider Trading was an issue, that is his alleged wrongdoing. An s. E. C. Spokesman said in a statement that the s. E. C. s administrative proceeding has no merit. Steve cohen acted appropriately at all times and will fight this charge vigorously. The s. E. C. Ignores s. A. C. s exceptional supervisory structure, its extensive compliance policies and procedures, and steve cohens strong support for s. A. C. s compliance program. Both martoma and steinbergs attorneys had no commen
Objective. Cutting back Financial Aid to the troubled nation. Adam we want to check in with Nicole Petallides. Nicole so far, so good. Here we are sitting at 15,307. We are looking out five of the six trading days. It shows you that the run has been a good one. The tech heavy nasdaq, the tech really glad yesterday. A couple of pieces of news that we did get, talking about customers being a little more scarce than they had hoped, we saw the imf cut its global gdp forecast. They are saddling it. Whether or not they may be looking at fedex. Adam thank you very much. See you in 15 minutes. The fdic is proposing a raise to the Bank Leverage ratio to 5 . That is higher than that 3 level required. They all have a 6 leverage ratio. These rules go into a fact in 18. Lauren let talk about Small Business. A couple surveys to talk about today. The semi annual bank of America Business report is a little upbeat. Welcome, robb. Great to see you. Great to be here. Lauren more than half expect revenue
First, lets go to the nyse where sue herera is standing by. The markets improving a little bit right now. Well off of our worst levels of the trading session. Still in the red, however. The markets right now show the Dow Jones Industrial average off 71 points onts trading day. The s p 500 is down about 6 3 4. Nasdaq composite down better than 1 1 2 points. Meantime our top story, that change of leadership at securities and exchange commission. Mary shapiro is stepping down as head of the s. E. C. And president obama is designating Commission Member elise walter as her replacement. Eamon javers is in washington with the details. Reporter this is a bit of a surprise announcement. A lot of other names had been speculated over the past couple of days here on who might succeed mary shapiro over at s. E. C. But the tap goes to elise walter today. She is a sitting s. E. C. Commissioner now. That means that the president will not have to face a bruising confirmation battle up on capitol hill f
Numbers look out as we kick off cybermonday. Which retailers crushed it and which ones were crushed . If you were keeping track, the dow added 421 points last week and bulls argue it could add even more if european leaders settle this dispute over greek aid. Well discuss the potential impact as they meet in brussels right now. A big day for analyst upgrades. Research in motion, facebook, yahoo well go over those and see why citi needs three analysts to initiate coverage of apple. Well begin with retail sales picture from this past weekend. 139 Million Consumers shopped during black friday weekend. Thats up from 132 million last year. Total spending up to 59. 1 billion to 54. 4 a year ago. Average Holiday Shopper spending 434 over the weekend. Sales on black friday fell 1. 8 from the same day a year ago setting the stage for today known as cybermonday. American shoppers will spend 1. 5 billion online today up from 1. 25 billion a year ago. The papers have it. Usa today retailers hail. J
The president , by the way, weighed in on the debate this morning as well. Sue, a busy day down here in washington. It sure is, ty. Indeed it is here as well. We are going to be joined by a very special guest, noted author and investor nassem taleb. After dropping more than 100 points in the early going, the dow sittingality the highs of the day. Its been an extremely volatile trading session, were up just about 80 points or so. Bob pisani joins me from the floor of the nyse. Bob, theyre parsing every word coming out of capitol hill and House Speaker boehner giving a boost to the markets a bit ago. He did. He is a little more optimistic. But were being blown around by the headlines. Look at what happened. In the last two days on headlines coming out of the congress, first yesterday senator majority leader reid said there was little progress being made on the fiscal cliff. That was yesterday afternoon. We lost 50 points on the dow. Even though mr. Reid said he was hopeful a deal could b